(1)

(2)

(3)

(4)

(5)

(6)

Basic_season_ind

Basic_year_ind

Control_season_id

Control_year_id

Control_season_ind

Control_year_ind

treat

0.551**

0.396**

0.461**

0.430**

0.417*

0.394*

(2.61)

(2.20)

(2.22)

(2.07)

(1.89)

(1.77)

price

0.054**

0.055**

0.055*

0.055*

(2.05)

(2.05)

(1.88)

(1.88)

lnmv

0.097

0.123

0.131

0.152

(0.29)

(0.38)

(0.41)

(0.48)

lntravol

2.875***

2.874***

2.953***

2.950***

(84.79)

(85.35)

(22.64)

(22.42)

control variables

no

no

yes

yes

yes

yes

fix effect

yes

yes

yes

yes

yes

yes

cluster standard error

industry

industry

id

id

industry

industry

N

3,732,586

3,732,586

3,088,502

3,088,502

3,079,906

3,079,906